---
title: "Hugo Boss investors shun Mike Ashley’s takeover bid"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294351336.md"
description: "Hugo Boss investors have rejected Mike Ashley's £2.3bn takeover bid, with only 7.3% of independent shareholders backing the offer initially. Consequently, Frasers Group extended the acceptance period until August 13. The Hugo Boss board previously deemed the bid inadequate and undervalued. Despite EU competition clearance, the low initial support forced the extension, as no minimum acceptance threshold exists for the all-cash offer."
datetime: "2026-07-30T11:05:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294351336.md)
  - [en](https://longbridge.com/en/news/294351336.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294351336.md)
---

# Hugo Boss investors shun Mike Ashley’s takeover bid

Hugo Boss investors have shunned Mike Ashley’s £2.3bn takeover bid for the German fashion giant.

Mr Ashley has been forced to extend the acceptance period for his offer after just 7.3pc of independent shareholders backed it.

The billionaire’s Frasers Group tabled a €38 (£32.70) per share all-cash offer for Hugo Boss last month, which is promoted by Sir David Beckham and Naomi Campbell.

The bid was rejected by the fashion label’s board, which described it as “inadequate” and said it undervalued the brand.

Frasers, which has said its offer is final, subsequently bought more shares in Hugo Boss, taking its shareholding above 30pc, the legal threshold for launching a formal takeover offer under German stock market rules.

Shareholders had been given until July 27 to accept the proposed deal. However, Frasers had received support from investors representing 7.3pc of the share capital at the expiry of this deadline, taking the total backing to 37.6pc. The offer, which this week received clearance from EU competition chiefs, has no minimum acceptance threshold.

Frasers’s additional acceptance period will open on Friday and run until Aug 13.

Mr Ashley’s swoop on Hugo Boss marks the latest move in an aggressive spate of empire building for the tycoon, who holds a 74pc stake in FTSE 100 retailer Frasers Group.

He founded Sports Direct in 1982 before rebranding it to Frasers in 2019 after buying the department store chain House of Fraser in a deal that saved it from collapse.

Mr Ashley has been buying up a string of brands to add to his portfolio in recent years, including Jack Wills and Missguided. He also holds stakes in a number of other retailers, including fast-fashion giant Boohoo and luxury brand Burberry.

Frasers, which has held a stake in Hugo Boss since 2020, has insisted that it backs the German company’s management team and strategy.

However, it is reportedly plotting to install Michael Murray, who is Frasers’ chief executive and Mr Ashley’s son-in-law, at the helm of Hugo Boss.

Hugo Boss, which was founded in Metzingen in 1924, is Germany’s largest fashion retailer, employing 17,500 people. It reported sales of €4.3bn last year.

The brand has been grappling with a decline in sales, which triggered a slump in its share price before the Frasers takeover bid.

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